Riyadh, the capital of Saudi Arabia. Image Credit: Agencies

Riyadh: Saudi Arabia will host the Group of 20 (G20) summit in Riyadh next year, featuring heads of state of the top developed and emerging economies in the world. The two-day summit opens November 21 and will mark the first time the G20 is being held in the Arab region.

It will presided over by King Salman Bin Abdul Aziz. G20 countries make up about two-thirds of the global population, 85 per cent of its gross domestic product and over 75 per cent of trade.

During its presidency, Saudi Arabia will use the forum to enhance cooperation with partners in the group and forge an international consensus on economic issues. The intention is to stabilise the global economy and ensure its prosperity, the official Saudi news agency said.

The Riyadh event will also be a chance to address issues more specific to the Middle East and North Africa.

“The G-20 summit in Riyadh will be historic, being the first of its kind to be held at the level of the Arab world, a matter reflecting the kingdom’s pivotal regional and international role,” the news agency commented.

It aims at developing effective policies to achieve “sustainable and balanced development”, and creating jobs with a view to raising living standards in the world. The summit will be preceded by preparatory ministerial talks. The country will also host working groups of senior G-20 officials as well as representatives of international organisations, the private sector and civil society groups in the run-up to the summit.

The G20 grouping is also represented by the US and UK, four of the leading economies in the EU, China, Japan, India, South Korea, Argentina, Australia, Brazil, Canada, Indonesia, Mexico, Russia, South Africa and Turkey.